A new company, Peoria Dredging Technologies L.L.C., has been formed and will build a state-of-the-art system that has the potential to revolutionize the dredging industry. The principal stakeholders in the new company are the Kress family, Brimfield, IL. Caterpillar Inc. has a minority interest in the new company.

Two key technologies form the basis of the new company: the "dredge wheel" invented by Caterpillar Inc. and a "silt transportation system" invented by Kress Corporation, which incorporates the Caterpillar dredge wheel with unique capabilities to transport and off-load sediment.

"Our goal is to have a working prototype of this innovative technology out on the Peoria Lakes by spring of 2002," said Dennis Thomas, president of the new company and executive vice-president of the Kress Corporation. "We’re anxious to demonstrate that this technology will provide a cost effective and environmentally friendly way to remove sediment from our nation’s waterways."

The core concept behind Peoria Dredging Technologies’ new approach to dredging is non-hydraulic sediment removal, a process to extract sediment without excess water while retaining the sediment’s structural strength. This non-hydraulic approach to dredging will be fast, economical and provide a wide range of innovation options for disposal of the dredged material.

"The formation of this company offers an unprecedented opportunity to enhance the commercial and recreational benefits of our nation’s waterways," said Dick Benson, Caterpillar vice president with responsibility for diversified products. "We’re pleased to be a partner in the development of this exciting technology."